Project Risk Management Page 4
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17phases, it is often said that risk identification happens at the onset of
the project. Risks may be identified at the beginning of the project,
during each project phase and before approval of a major scope
change. Risks may also be identified during all phases of the project
including initiating, planning, executing, controlling and closing. In
other words, although the major risk identification effort occurs at the
onset of the project, risks should continue to be identified throughout
the project.
RISK CATEGORIES: Risk categories are lists of common categories of
risk (sources of risk) experienced by the company or on similar
projects. Such a list may be an input to risk identification, but using
such a list of categories is not the entire risk identification process.
The categories help analyze and identify risks on each project.
* See Additional Handout
There are many ways to classify or categorize risk:
Technical, quality or performance risks
Project management risks
Organizational risks
External risks
A prior version of the PMBOK included another way to classify
risks.
External- Regulatory, environmental, government, market
shifts
Internal- Time, cost, unforeseen conditions, scope
changes, inexperience, poor planning, people, staffing,
materials, equipment
Technical- Changes in technology
Unforeseeable- Only a small portion of risks (some say
about 10%) are actually unforeseeable
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Parent category: Business